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all cash sale but what about deposit?

all cash sale but what about deposit?
« on: May 17, 2011, 10:27:37 AM »
I have been trying to count the cleaning deposit in with my bids which has never gave me much to work with.

Do you need to have the cleaning deposit in cash at the time of sale? Ive always heard you need the amount that you bid the minute you win but nothing about the cleaning deposit. Can you use credit for deposit or run to the atm?

Re: all cash sale but what about deposit?
« Reply #1 on: May 17, 2011, 10:34:53 AM »
Rules vary by facility. Call the facility ahead of time if you feel embarrassed to ask when you get there.

Offline Travis

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Re: all cash sale but what about deposit?
« Reply #2 on: May 17, 2011, 11:32:06 AM »
Most facilities require a cash deposit directly following the sale. No, you don't have time to run to the ATM. Some facilities do accept credit cards and it is a good idea to ask about the terms of the sale when you call to confirm the auction the day before the sale. Rule of thumb, always bring enough cash. Nothing hurts worse than missing out on a great unit because you did have enough money with you.

Re: all cash sale but what about deposit?
« Reply #3 on: May 17, 2011, 01:20:00 PM »
We are starting to see more Facilities take credit cards for payment on the Bid, however it is always a Cash  Deposit for the Cleaning. At least that's seems to be how it works out West. Your area may be different.

Offline rulesforrebels

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Re: all cash sale but what about deposit?
« Reply #4 on: May 17, 2011, 02:01:43 PM »
In  my area for a while we were seeing lots of facilities start to take credit cards and certain auctinoeers had all their auctions at facilities who were taking them.

It lasted a couple of weeks and everyone went back to cash.

I can see an argument being made that those stellar units could bring in big bucks if they took credit cards however it's probably more headaches than its worth. The storage facility has to pay merchant fees, there is the possibility of charge backs if someone decides they spent too much on a unit, etc.

Also, oddly enough most of the auctions I go to don't charge cleaning deposits. I go to the same facilities over and over so they would probably waive them for me anyway since I always fully clean out and sweep my units but I'm surprised I'm not seeing many cleaning deposits.

Re: all cash sale but what about deposit?
« Reply #5 on: July 13, 2011, 10:20:38 AM »
How much are the deposits in your areas?  I went to an auction the other day and expected to need a deposit but I thought $100 seemed a bit steep.  I know you get it back but you have to figure that in from the beginning.

Offline MovieMan

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Re: all cash sale but what about deposit?
« Reply #6 on: July 13, 2011, 10:39:19 AM »
How much are the deposits in your areas?  I went to an auction the other day and expected to need a deposit but I thought $100 seemed a bit steep.  I know you get it back but you have to figure that in from the beginning.

IN MY OPINION.....

One needs to have a hundred set aside for a deposit. That deposit typically (IN MY AREA) will cover you whether you buy 1, 2, 3, etc lkrs. That always seemed funny to me, but a lot of them do it that way (IN MY AREA).

Frankly, if a hundred dollars is a stumbling block (not leaving you much to buy with), you probably will be out of luck anyway as getting a good lkr (IN MY OPINION) is going to cost you $100 at least and a really good one is going to go for more than that ($300 to $1000 or more).

At this time with a lot of new people (newbies) buying lkrs, the property managers have to protect themselves from people who just want to come in ...take the good stuff... and leave the crap behind. Can't blame them for that.

The $100 deposit has always hurt the buyer who isn't well-funded to start...that's just the way it is. If this is a problem, start saving $10 to $20 a month for some months and then just put that $100 aside as deposit money.


Re: all cash sale but what about deposit?
« Reply #7 on: July 13, 2011, 06:52:31 PM »
Not wanting to be mean here but if you can't hande 100 bucks in cash for a cleaning deposit maybe your in the wrong business. I typically carry 3 grand (and a 9mm) when I go on a run and 500 for cleanng deposits as they vary by facility and as someone else said, many of the managers know me and know I ALLWAYS take everything out, NEVER use their dumpsters and sweep each unit clean so I don't get charged cleaning deposits a lot. I also like to pay for the units in cash because at that point the unit and everything in it is paid for and mine whereas I have overheard some newbies talking to their significant others about 'floating' the cost of buying a unit so they can get a good one and sell some stuff to pay off their credit card. Not smart. DO NOT get into this business unless you have cash you can afford to lose (just in case). DO NOT FLOAT a purchase with a credit card or cash advance. If you do you are asking for trouble because Murphy's law says that unit(s) bought on credit will be the suck ass money losing unit from hell. We started off by selling a bunch of items I had at home and no longer needed or wanted such as tools, furniture, jewelry, hunting gear etc etc. With that "SEED" money of about $900, my wife and I bought our first three units and didn't buy another until we sold enough stuff to replenish our "SEED" money. Now, we have three booths at antique malls, two onlne stores along with ebay CL and ETSY and we are actually "MAKING" money. We did not tap or use credit cards and won't. We'd rather walk away from a unit than do that. Ok Now I'll get off my soap box and I do apologize for rambling on it's just that in the last year I have seen many newbies come and go, buying units for way too much and thinking they were going to get rich so they bet the farm......... I don't want to see anyone get burned doing this and its an easy thing to do.................Ironman will now go back to sleep......ROTFLMAO......

Offline Bandit

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Re: all cash sale but what about deposit?
« Reply #8 on: July 14, 2011, 09:55:39 AM »
Ironman
  We started off by selling a bunch of items We had at home and no longer needed or wanted such as tools, furniture, jewelry, hunting gear etc etc.
   We bought our first three units and didn't buy another until we sold enough stuff to replenish our
"SEED" money
    We don't  use credit cards and won't. We'd rather walk away from a unit than do that.

 I didn't know I had a Twin in Ga. ?    ;D
Bandit

Offline jrossjr79

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Re: all cash sale but what about deposit?
« Reply #9 on: July 14, 2011, 02:53:22 PM »
For the most part the deposit is cash, I have seen only one facility let you do the deposit on a card.

Re: all cash sale but what about deposit?
« Reply #10 on: July 14, 2011, 03:06:43 PM »
If at all possible don't use the cards.Your always gonna pay them back but don't.

Re: all cash sale but what about deposit?
« Reply #11 on: July 15, 2011, 07:31:31 PM »
Wow, didn't know I was going to get so bashed for asking a simple question ;)  As you see I am a newbie and I am selling stuff around the house first but am also going to some auctions to get the lay of the land.  Anyway, being new I was just wondering if the $100 cleaning deposit was normal/high/or low. 


Offline MovieMan

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Re: all cash sale but what about deposit?
« Reply #12 on: July 15, 2011, 07:56:06 PM »
Anyway, being new I was just wondering if the $100 cleaning deposit was normal/high/or low. 


The cleaning deposits IN MY AREA vary from sale site to sale site within  the same city, and they also vary by auctioneer. Deposits, might be $20, $40 or $50 or $100.

For instance one auctioneer doesn't collect cleaning deposits from anyone NEW or old. He depends on the threat that IF someone leaves crap behind they will not come to his auctions again, and the word spreads to the other auctioneers as well.

Another auctioneer will collect $100 from a new buyer, but only $20 to $40 from a regular who has been doing it for years. This makes sense doesn't it. You earn respect by doing the right thing.

But finally, I stand by my statement earlier that ONE should have $100 deposit money set aside and left for that purpose only. If a bidder has $150 on him/her, and $100 of that is for a deposit, then there certainly isn't room for buying is there?

I bought one for $110 today and there was a $20 deposit not because the auctioneer didn't trust me, but because the prop mgr wanted deposits on everyone.

This is a business. ONE has to be properly funded to conduct a business.

Re: all cash sale but what about deposit?
« Reply #13 on: July 15, 2011, 08:23:41 PM »
no ones bashing you so just chill. As a newbie this is all good advice from those who have been there and from us who don't want to see even a newbie lose their ass on doing this. Nuf Said............

"Wow, didn't know I was going to get so bashed for asking a simple question   As you see I am a newbie and I am selling stuff around the house first but am also going to some auctions to get the lay of the land.  Anyway, being new I was just wondering if the $100 cleaning deposit was normal/high/or low. "

Offline MovieMan

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Re: all cash sale but what about deposit?
« Reply #14 on: July 19, 2011, 08:39:12 AM »
The auction I went to yesterday required a $50 deposit PER UNIT purchased. So if you bought 3 you'd be looking at $150 total. Not the "usual" circumstance, but it does happen. This was a requirement by the prop manager as far as I could tell.


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